Seit dem 1. Januar 2025 erfasst die deutsche Wegzugsbesteuerung nach Paragraf 6 AStG auch ETF- und Investmentfondsanteile: Beim Wegzug wird ein fiktiver Veraeusserungsgewinn angesetzt und mit rund 26,375 Prozent (Abgeltungsteuer zuzueglich Solidaritaetszuschlag) belastet, auch ohne dass Anteile verkauft werden. Betroffen sind grundsaetzlich Personen, die in 7 der letzten 12 Jahre unbeschraenkt steuerpflichtig waren. Beim Wegzug in einen EU- oder EWR-Staat greift regelmaessig eine unbegrenzte, zinsfreie Stundung bis zur tatsaechlichen Veraeusserung der Anteile. Zeitpunkt des Wegzugs, Depotstruktur und Zielland sind Fragen sorgfaeltiger, vorausschauender Planung, waehrend Ansaessigkeit und CRS-Meldepflichten fortgelten. Dieser Beitrag ist allgemeine Information und keine Steuer- oder Rechtsberatung; eine qualifizierte, individuelle Beratung ist erforderlich.
- §6 AStG has applied to ETF and investment-fund units since 1 January 2025, a fundamental change affecting millions of German investors
- Unrealised gains are taxed as a deemed capital gain (approximately 26.375% Abgeltungsteuer plus solidarity surcharge), without a single unit being sold
- When emigrating to an EU/EEA country, an automatic, unlimited, interest-free deferral applies until the units are actually sold
- Malta offers Non-Dom status with only €15,000 minimum tax per year on foreign income, optimal for high-balance ETF investors
- German nationals already have free movement across the EU and do not need, or qualify for, a Golden Visa for EU residency; Malta's Non-Dom regime (below) remains relevant for its tax treatment, and the UAE Golden Visa or Swiss lump-sum taxation apply for moves outside the EU
- Planning should ideally begin 12-24 months before departure, the earlier, the greater the optimisation potential
- Mirabello Consultancy advises DACH clients from Zurich and Dubai across the entire emigration structuring process
What is the German exit tax under §6 AStG?
The Foreign Tax Act has existed since 1972. Originally, §6 AStG applied exclusively to shares in corporations under §17 EStG, meaning shareholdings of at least 1% in a GmbH or AG. ETF investors and investment-fund holders were not affected for decades: their accrued book gains remained tax-neutral when leaving Germany.
This situation changed with the Annual Tax Act 2024 (Jahressteuergesetz 2024), which entered into force on 1 January 2025 and massively expanded the scope of §6 AStG.
Legal source: §6 AStG on gesetze-im-internet.de
Why has German exit tax applied to ETFs since 2025?
The expansion specifically captures:
- UCITS ETFs, exchange-traded index funds tracking the MSCI World, S&P 500, DAX and other indices
- Actively managed investment funds under the InvStG
- Special investment funds, frequently used in family-office and foundation structures
- Units in asset-managing partnerships under specific conditions
Generally not affected are direct equity holdings below the 1% threshold under §17 EStG, classic bonds and cash deposits. Cryptocurrencies are governed by separate rules.
The practical implications are substantial: according to the German fund association BVI, German private investors held investment-fund units worth more than €1.3 trillion at the end of 2024. A significant portion of these investors never anticipated an exit tax on their ETF positions.
How is the exit tax on ETFs calculated?
Worked example for an ETF investor based in Munich:
| Position | Amount |
|---|---|
| ETF portfolio market value on departure day | EUR 2,000,000 |
| Tax-relevant acquisition cost | EUR 800,000 |
| Deemed capital gain | EUR 1,200,000 |
| Capital-gains tax 26.375% | EUR 316,500 |
| Tax payable in year of departure | EUR 316,500 |
This calculation shows: an investor with a €2 million ETF portfolio and accrued gains of €1.2 million owes the German tax authorities more than €316,000 on departure, without any planning, without selling a single unit and without any new liquidity source.
In practice, additional factors apply: partial exemptions on equity funds (30% of the gain is tax-free, giving an effective rate of approximately 18.46%), advance lump-sum payments (Vorabpauschalen) from prior years and possible church-tax obligations significantly increase the complexity of the calculation. Individual tax advice is indispensable in every case.
What deferral and exemption rules exist?
Option 1: Relocation to EU/EEA countries (recommended)
By far the most favourable route: anyone emigrating to an EU or EEA state, for example Portugal, Greece, Malta, Cyprus, Austria or the Netherlands, benefits from automatic, unlimited deferral of the exit tax. The tax becomes payable only when the ETF units are actually sold. Until then: no payment, no security deposit, no interest.
This rule has applied since the European Court of Justice ruling in Lasteyrie du Saillant (2004) and was implemented into German law via the Annual Tax Act 2022. It is one of the most important tax advantages of EU membership for mobile investors.
Option 2: Instalment deferral for third-country relocations
Anyone moving to a non-EU/EEA state (e.g. UAE, the Caribbean) may, under certain conditions, apply for a 7-year instalment deferral. Conditions:
- A double-tax treaty (DTA) exists between Germany and the destination country
- The destination country provides Germany with administrative assistance and information exchange in line with OECD standards
- Adequate security is deposited with the tax authority (e.g. bank guarantee)
- The units are not sold or transferred before the 7 years have elapsed
Important note on Switzerland: Switzerland is not an EU/EEA state, and yet the Germany-Switzerland double-tax treaty combined with longstanding BMF administrative practice grants unlimited, interest-free deferral on departure, a subtlety frequently overlooked. Swiss lump-sum taxation (Pauschalbesteuerung) makes Switzerland highly attractive long term but does not, on its own, resolve the German exit tax issue at the point of departure.
Option 3: Return rule
Anyone returning to Germany within 7 years without having disposed of the ETF units in the meantime can have the assessed exit tax reversed. This requires a formal application and proof that no tax-avoidance intent existed.
How can German ETF investors legally minimise exit tax?
Strategy 1: Staged realisation of gains before departure
Investors planning to emigrate within 2-3 years can already begin selling ETF positions in stages and use the annual saver allowances (€1,000 per individual, €2,000 for jointly assessed couples) and lower-income tax years. Gains already subject to German Abgeltungsteuer before departure are no longer part of the deemed capital gain on exit.
Strategy 2: Choosing an EU/EEA destination
The decisive lever is the destination country. Anyone emigrating to an EU/EEA state automatically activates the unlimited deferral. Combined with a tax-favourable regime in the destination country, the framework becomes very attractive:
- Malta: Non-Dom status, foreign income not remitted to Malta is not taxed at all; minimum tax €15,000/year
- Cyprus: Non-Dom for 17 years; zero capital-gains tax on securities profits
- Greece: Alternative Tax Regime, flat-rate tax of €100,000/year for incoming foreign-income high earners
- Portugal: NHR successor regime (reformed in 2024), case-by-case assessment, fund route often more attractive
Strategy 3: Relocate directly under EU free movement
As EU citizens, German and Austrian nationals do not need, and are not eligible for, a Golden Visa to establish residence in another EU member state; Swiss nationals benefit from the same right under the EU-Switzerland Free Movement Agreement. The correct sequence is to establish residence directly in the destination country under free movement, then shift the centre of tax interests, this achieves the same deferral outcome with no investment requirement. A Golden Visa only becomes relevant if the eventual destination is outside the EU/EEA and Switzerland, or for non-EU family members who do need a residence permit.
Do DACH Investors Need a Golden Visa for EU Relocation?
German and Austrian nationals are EU citizens, and Swiss nationals hold equivalent rights under the EU-Switzerland Free Movement Agreement: none of them need a Golden Visa to establish residence in the EU. Golden Visas are designed for non-EU/EEA/Swiss nationals seeking that residence right. What is genuinely relevant for DACH investors is the tax regime a destination state offers to any new resident, and the automatic exit-tax deferral that activates on emigration to any EU/EEA state:
Greece
DACH nationals do not need Greece's Golden Visa (from €250,000) to live there; they can relocate and register as tax residents directly under free movement. What is relevant is Greece's Alternative Tax Regime for incoming high-net-worth individuals (flat-rate tax on foreign income) and the automatic deferral rule that activates on emigration from Germany.
Read more about the Greece Golden Visa programme →
Portugal
Portugal's Golden Visa is open only to non-EU/EEA/Swiss nationals; German, Austrian and Swiss investors are not eligible to apply and do not need it. As an EU member state, Portugal remains directly available to DACH investors under free movement, with the same automatic exit-tax deferral. Its NHR-successor tax regime is assessed case by case for new residents.
Read more about the Portugal Golden Visa →
Malta Permanent Residency Programme (MPRP)
Malta offers one of the most tax-favourable frameworks in the EU: Non-Dom status means foreign income not remitted to Malta remains untaxed. The minimum tax is just €15,000 per year, a significant advantage for investors with seven-figure ETF portfolios. Malta is an EU member state, which activates the full deferral rule.
Read more about the Malta MPRP programme →
How does Citizenship by Investment complement exit tax planning?
Going one step further, investors can acquire a second citizenship through Citizenship by Investment (CBI). A second citizenship creates:
- Travel freedom: Independence from geopolitical developments and visa restrictions
- Asset protection: Legal structure for international wealth
- Planning certainty: Citizenship is permanent and inheritable to children
- Optionality: Maximum flexibility for future residence decisions
For exit-tax purposes, however, note: Caribbean CBI programmes such as Dominica (from $200,000 NDF), Antigua ($230,000) and Grenada ($235,000) lie outside the EU/EEA. For the deferral rule, the country of residence is decisive, not citizenship. The most sensible combination is therefore an EU residence, established directly under free movement with no Golden Visa required for DACH nationals, plus an additional CBI passport for diversification.
All current programmes at a glance: Best Citizenship by Investment Programmes 2026 →
Is Swiss lump-sum taxation a solution to German exit tax?
Mirabello Consultancy is headquartered in Zurich and knows the realities of the Swiss tax system first-hand. For German investors planning to emigrate to Switzerland, careful transition planning is essential, particularly where a substantial ETF portfolio with accrued gains exists. We coordinate the structuring jointly with tax advisers in Germany and Switzerland.
Frequently Asked Questions: ETF exit tax 2026
From when am I personally affected by the exit tax?
You are affected if you have been subject to unlimited German tax liability for at least 7 of the last 12 years and hold ETF or investment-fund units with unrealised gains on departure. There is no minimum portfolio threshold, in principle, every investor with fund gains is potentially affected. Anyone tax-resident in Germany for fewer than 7 years does not fall under §6 AStG.
Does the rule apply to fund savings plans?
Yes. If you have accumulated units through a monthly ETF savings plan, all accrued unrealised gains are taxable on departure, regardless of whether the units were acquired via a savings plan or as a one-off investment. Each savings-plan instalment has its own acquisition cost; the total gain is the sum of all positions.
What happens specifically if I move to an EU country and keep my ETFs?
On relocation to an EU/EEA country, the exit tax is automatically deferred, no interest, no security deposit. You must report the move to the German tax authority, file an exit-tax return and continue to declare the units annually. The tax itself becomes payable only when you actually sell the units, whether that is in 5 or 25 years.
Can I neutralise my ETF gains by restructuring before departure?
Direct tax-free neutralisation before departure is not envisaged under §6 AStG. However, targeted measures can substantially reduce the burden: staged realisation within annual allowances, loss offsetting against other capital investments and correct tax treatment of advance lump-sum payments from prior years. More complex structures (e.g. transfer to foundations or family partnerships) are possible but require early planning and tax advice.
How do I begin emigration planning with Mirabello Consultancy?
The first step is a complimentary initial consultation with our experts. We analyse your specific situation: portfolio value and composition, intended destination, time horizon, family situation and personal objectives. On that basis we develop a tailored strategy, including a recommendation for the optimal residency or citizenship programme and coordination with tax advisers in the destination country. Mirabello Consultancy is headquartered in Zurich and Dubai and supports DACH-region clients with a 99% approval rate. Book your free consultation →
In summary
The expansion of German exit tax to ETFs from 2025 is no abstract change in law, for an investor with a substantial fund portfolio, it can mean a six- or even seven-figure tax demand in the year of departure. Without preparation, this tax is due immediately, without a single unit having been sold.
The decisive variable is the destination country: anyone emigrating to an EU/EEA state automatically activates the unlimited, interest-free deferral, the tax becomes payable only on actual sale. Countries such as Malta and Cyprus combine this advantage with a Non-Dom regime that effectively levies zero tax on foreign income not remitted onshore. German, Austrian and Swiss investors can relocate directly under EU/free-movement rights before the formal tax exit from Germany is completed; no Golden Visa is required or available to them, and Malta's Non-Dom regime (covered above) remains a relevant tax consideration once resident there.
Mirabello Consultancy is headquartered in Zurich and understands the tax realities of DACH high-net-worth individuals first-hand. We support emigration planning holistically: from selecting the optimal residency or citizenship programme through legal structuring to coordination with tax advisers in the destination country. With a 99% approval rate and more than 600 residency cases delivered, we are at your side with Swiss precision and personal discretion.
Book your free initial consultation now, Mirabello Consultancy, Zurich →
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